KARACHI (PR): Warid Telecom has signed a Memorandum of Understanding with Monet and Meezan Bank for rollout of the Warid Telecom Payment Gatewayfor Meezan Bank’s branchless banking services, with Monet as the technology partner for the venture. Through this memorandum, Warid Telecom and Bank Alfalah have been joined by Meezan Bank as founding members to create the Mobile Money Network which would be subject to SBP approvals under the branchless banking regulations.

The MoU was jointly signed by Warid Telecom’s Chief Commercial Officer, Younas Iqbal Sheikh,Meezan Bank’s Chief Operating Officer, Ariful Islam, and Monet’s Chief Executive Officer, Mr. Ali Abbas Sikander. Muneer Farooqui, CEO of Warid Telecom said “Warid is excited to play its role in the development of a first-of-its-kind financial eco-system with partner banks for our customers and distribution networks.

The Warid Payment Gateway is the first step to create a bridge between distribution networks and banks with an independent PSP like Monet”.

Sharing his views on the occasion, Mr. Younas Iqbal Sheikh CCO of Warid Telecom said “cellular technology holds the key to development and growth of the economy in developing nations, since their reach is un-matched in terms of connectivity.

The Warid Payment Gateway has the potential to revolutionize the way small & large businesses transact on a daily basis in Pakistan with the ultimate beneficiaries being Pakistani citizens, whether it is a cattle farmer selling his products to a multinational dairy on a daily basis, a small business owner making routine payments to suppliers, or a large financial institution making B2B payments.”